| Summary of changes in goodwill |
A summary of changes in goodwill by segment for the years ended January 1, 2022 and January 2, 2021 is as follows:
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Hydraulics |
|
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Electronics |
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Total |
|
Balance at December 28, 2019 |
|
$ |
271,196 |
|
|
$ |
106,373 |
|
|
$ |
377,569 |
|
Acquisition of Balboa |
|
|
— |
|
|
|
76,031 |
|
|
|
76,031 |
|
Impairment charge |
|
|
(31,871 |
) |
|
|
— |
|
|
|
(31,871 |
) |
Currency translation |
|
|
21,804 |
|
|
|
— |
|
|
|
21,804 |
|
Balance at January 2, 2021 |
|
$ |
261,129 |
|
|
$ |
182,404 |
|
|
$ |
443,533 |
|
Acquisition of NEM |
|
|
32,937 |
|
|
|
— |
|
|
|
32,937 |
|
Measurement period adjustment, Balboa Water Group acquisition |
|
|
— |
|
|
|
509 |
|
|
|
509 |
|
Measurement period adjustment, NEM acquisition |
|
|
(1,330 |
) |
|
|
— |
|
|
|
(1,330 |
) |
Acquisition of Joyonway |
|
|
— |
|
|
|
3,309 |
|
|
|
3,309 |
|
Currency translation |
|
|
(19,071 |
) |
|
|
49 |
|
|
|
(19,022 |
) |
Balance at January 1, 2022 |
|
$ |
273,665 |
|
|
$ |
186,271 |
|
|
$ |
459,936 |
|
|
| Schedule of intangible assets |
At January 1, 2022 and January 2, 2021, intangible assets consisted of the following:
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January 1, 2022 |
|
|
January 2, 2021 |
|
|
|
Useful life
(years) |
|
Gross carrying
amount |
|
|
Accumulated
amortization |
|
|
Net carrying
amount |
|
|
Gross carrying
amount |
|
|
Accumulated
amortization |
|
|
Net carrying
amount |
|
Definite-lived intangibles: |
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|
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|
|
|
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|
|
|
|
Trade names and brands |
|
10-20 |
|
$ |
83,443 |
|
|
$ |
(15,216 |
) |
|
$ |
68,227 |
|
|
$ |
80,402 |
|
|
$ |
(11,188 |
) |
|
$ |
69,214 |
|
Non-compete agreements |
|
4 - 5 |
|
|
3,218 |
|
|
|
(1,092 |
) |
|
|
2,126 |
|
|
|
950 |
|
|
|
(776 |
) |
|
|
174 |
|
Technology |
|
7 - 13 |
|
|
50,425 |
|
|
|
(16,729 |
) |
|
|
33,696 |
|
|
|
45,955 |
|
|
|
(12,368 |
) |
|
|
33,587 |
|
Supply agreement |
|
10 |
|
|
21,000 |
|
|
|
(10,675 |
) |
|
|
10,325 |
|
|
|
21,000 |
|
|
|
(8,575 |
) |
|
|
12,425 |
|
Customer relationships |
|
8 - 26 |
|
|
336,809 |
|
|
|
(43,488 |
) |
|
|
293,321 |
|
|
|
330,406 |
|
|
|
(31,431 |
) |
|
|
298,975 |
|
Sales order backlog |
|
0.5 |
|
|
1,023 |
|
|
|
(1,023 |
) |
|
|
— |
|
|
|
8,000 |
|
|
|
(3,000 |
) |
|
|
5,000 |
|
Workforce |
|
5 |
|
|
6,077 |
|
|
|
(1,013 |
) |
|
|
5,064 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
$ |
501,995 |
|
|
$ |
(89,236 |
) |
|
$ |
412,759 |
|
|
$ |
486,713 |
|
|
$ |
(67,338 |
) |
|
$ |
419,375 |
|
|